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Business world applauds Meade's appointment as presidential candidate

The private sector values its experience in managing public finances and controlling the fiscal deficit

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Business world applauds Meade's appointment as presidential candidate

In recent months many names have come to fore as possible candidates of Institutional Revolutionary Party (PRI) to presidency of Mexico. But none of m concited such confidence in business world as finally appointed, José Antonio Meade, until now Secretary (minister) of Finance and public Credit. In it, entrepreneurs see three traits that are especially pleased with m: Orthodoxy in economic policy, fiscal stability, and openness to dialogue with private sector. To se attributes, add prominent representatives of Mexican private sector, adds versatility and experience of Meade, which has occupied up to four secretaries of Federal Executive (energy, Finance, Social development and Foreign relations) with two Presidents of a different political color: Felipe Calderón (from conservative PAN) and Enrique Peña Nieto (PRI).

The main challenger of next challenger PRI — in absence of poster head of Frente citizen —, Andrés Manuel López Obrador (Morena), has softened his discourse with promises of austerity in management of public finances and has support of some Entrepreneurs — especially in north of country —. But great entrepreneurship and foreign investors continue to fear ir economic agenda.

To rise with presidency, a still remote scenario given that Lopez Obrador continues to lead polls, uncovered PRI would be first economist to assume presidency of second most populous country in Latin America since Ernesto Zedillo ( 1994-2000). Formed at Autonomous Technological Institute of Mexico (ITAM) — a private university that has spent much of most responsible for economic area of last Mexican governments — and at Yale University — where he also studied Mr. Zedillo, Meade is a technician reconverted into a politician. And that always like in private sector and in big banking, local and American, which has key to credit and investment.

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Publicly, business valuations are marked by caution. The uncertainty about election outcome of July next year lowers its satisfaction to open mic: No one wants to have problems with next president of Mexico in case Meade's option fails. "It is an internal process of PRI and we are very respectful," says country president of Business Coordinating Council (CEC, largest Mexican patronal), Juan Pablo Castañón. "We are open to discussing with all presidential candidates solutions that Mexico deserves in all areas," he adds.

The head of Mexican businessmen does not, however, conceal his satisfaction with professional experience of already former Secretary of Treasury and his "criterion". Also its economic formation and its "opening, always, with dialogue with private initiative". "We want all parties to have best candidates and he has a good profile, he is a capable man and he seems trustworthy," slides Castañón. The President of Confederation of Industrial Chambers (Concamin), Manuel Herrera, also insists on Meade's "professionalism" in all his orders. "To my dear José Antonio Meade I wish you all success." Always (...) has been friends with industrialists. "My gratitude for willingness to work with concamin," has tweeted.

In private, initial stealth of many Mexican entrepreneurs and bankers becomes flattery to Meade. "Of course I like it," notes a prominent figure in financial sector, while highlighting harmony between his ideas and that of most of private sector.

Two months ago, president of BBVA — whose Mexican brand, Bancomer, is an outstanding leader in financial sector of American country —, Francisco González, criticized López Obrador's proposals without explicitly citing candidate for Morena. "If Mexico chooses, and I hope so, a president with knowledge and a realistic view of what is Mexico and world, this country is going to make a huge breakthrough in next six years from next year," he said in a meeting with media.

"If, on contrary, one who occupies presidency is a person who has a more vision of past, very populist, thinking that one can promise many things that n can not be delivered ..." That would be a turn back. "I can't get much more out of it, but we have a very close country [to Mexico] where what we've seen in last 15 years has been a real disaster," Gonzalez added, implicitly referring to Venezuela. A rarity in a sector like financial one, which always tries to remain aloof from political confrontation and in which it primases speech of white glove.


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